Bitcoin 19 SEPT: Elliott waves | Gann | Planetary Aspects for INDEX:BTCUSD by Constellations

Currently price finds resistance at Gann level 48608.

In the Elliott wave count, wave (b) is potentially complete right at the Gann level. We should observe if sellers step in from here and push BTC below the red trend line . In that case an idea could be to start building short exposure, as we expect wave (c) down.

Full moon in Pisces on Monday, 20 Sept, may bring an expansion of volatility . While full moons are usually bullish , aspects in Pisces have coincided with bearish phases for crypto. The equinox is on 22 Sept. Historically, autumn equinoxes often coincide with bearish momentum.

Correlations: QQQ has been bearish on Friday, a follow-through on Monday is to be expected. However, QQQ and SPY still have the possibility to complete the final wave 5, marking a slightly higher ATH next week. We need to observe if such a surprise reversal occurs. If QQQ continues its rapid sell-off, BTC usually correlates.

China: The Evergrande crisis may continue to escalate. A debt crisis (or the fear thereof) may trigger institutions to reduce assets, which may include crypto assets, resulting in selling pressure. We should keep an eye on Evergrande as major debt default crises like to spiral out of control.

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Disclaimer:

The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.